Yatra Online, Inc. (NASDAQ:YTRA) Q1 2023 Earnings Conference Call August 30, 2022 8:30 AM ET
Company Participants
Manish Hemrajani – Head-Investor Relations
Dhruv Shringi – Chief Executive Officer and Co-Founder
Conference Call Participants
Scott Buck – H.C. Wainwright
Lisa Thompson – Zacks Investment Research
Anja Soderstrom – Sidoti & Company
Operator
Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Yatra Fiscal First Quarter 2023 Earnings Conference Call. My name is Irene, and I will be the coordinator of today's event. Please note all participants will be in listen-only mode. [Operator Instructions]
I would now like to turn the conference call over to Manish Hemrajani, Head of IR. Manish, please go ahead.
Manish Hemrajani
Yes, thank you, Irene. Good morning, everyone. Welcome to Yatra's fiscal first quarter 2023 financial results for the period ended June 30, 2022. I'm pleased to be joined on the call today by Yatra's CEO and Co-Founder, Dhruv Shringi. The following discussion, including responses to your questions, reflects management views as of today, August 30, 2022. We don't undertake any obligation to update or revise the information.
Before we begin our formal remarks, allow me to remind you that certain statements made on today's call may constitute forward-looking statements, which are based on management's current expectations and beliefs and are subject to several risks and uncertainties that could cause actual results to differ materially. For a description of these risks, please refer to our filings with the SEC and our press release filed earlier this morning. Copies of this and other filings are available from the SEC and also on the IR section of our website.
With that, let me turn the call over to Dhruv. Dhruv, please go ahead.
Dhruv Shringi
Thank you, Manish. Good morning, everyone, and thank you for joining us today for our first quarter earnings call of fiscal 2023. I'm pleased to report that we had our best quarter yet since the advent of COVID with gross bookings growing 56% sequentially, demonstrating a strong recovery post-Omicron. Revenue of INR899 million also reflected accelerating growth of 49% Q-on-Q.
Adjusted revenue of INR1.25 billion, which is approximately US$15.9 million, increased 28% Q-on-Q. Adjusted EBITDA for the quarter also came in at a post-pandemic high of INR123.5 million is approximately $1.6 million for the quarter. This included our investments behind the freight initiative. This is a very strong start to fiscal 2023, especially in corporate travel, exited the June quarter at approximately 90% of pre-COVID levels as office traffic reverts back to levels seen prior to the pandemic.